Links in “Agencies”

A report by the Fed's Office of the Inspector General finds areas where the accuracy and completeness of the CFPB's consumer complaint database should be improved. The report noted that the CFPB "has not established separate management controls to ensure the accuracy of data extracted from the system," adding that it "found several noticeable inaccuracies in our analysis." See also here. [9/16/15]

FEMA is urging institutions across the United States to make and share their emergency plans before the emergency occurs. Their motto, "Don't Wait. Communicate. Make Your Emergency Plan Today." [9/15/14]

The OCC has reminded banks and savings associations that September is National Preparedness Month and the importance of being prepared for emergencies and natural disasters. [9/14/15]

NCUA data showed median nationwide credit union loan growth of 4% (Alaska highest at 13.4%) with a slight decline in overall delinquency. Nationwide membership growth showed mixed with larger credit unions growing, but countered by 52% of the nation's CUs reflecting fewer members over the prior year and 21 states reflecting negative membership growth rates (Pennsylvania -2.1%). The national average return on assets was 81 basis points for the first half of the year with all states showing positive ROA (Utah highest at 140 bps). [9/11/15]

The NCUA announced its capacity to gather and resolve consumer complaints in a more efficient manner through the new online Consumer Assistance Center. CAC allows consumers to submit inquiries, complaints and additional documentation online as well as check the status of their complaints online. Upcoming plans call for Credit Union responses to complaints. [9/11/15]

The FDIC hit Comenity Bank and Comenity Capital Bank $64 million in CMPs and restitution requirements for UDAAP related violations associated with deceptive practices in the Bank's marketing and servicing of credit card "add-on products." Comenity promotes co-branded credit cards through various retailers nationwide and cross promotes payment protection/debt cancellation add-on products to these cards. Key violations included practices on fees related to add-ons, material misrepresentations and omissions on product cancellations and gift cards. [9/11/15]

NACHA has launched a mobile wallet initiative with the goal of supporting retailer and bank branded mobile wallets for electronic payment. This effort will be led by The Alliance Mobile Wallet Team, who will be speaking during the Members Meeting later this month. [9/10/15]

…except this time. FinCEN has charged Caesars Palace $8 million for willful and repeated violations of the Bank Secrecy Act. Specifically, the casino was cited for turning a blind eye to its high rolling customer’s activity. [9/10/15]

Two of the nation’s largest debt buyers and collectors, Encore Capital Group and Portfolio Recovery Associates, were nailed by the CFPB for deceptive tactics to collect bad debts. The two companies must refund millions of dollars, cease collections on millions of dollars of debt, and rehaul their debt collection practices. [9/10/15]

NASCUS supports NCUA’s proposed member business lending rule… with a few modifications. NASCUS made several recommendations to the NCUA regarding this rule, some of the recommendations included requiring a written commercial loan policy from all credit unions and recognition of privately insured credit unions. [9/10/15]